Bank Deposits/Withdrawals for multicurrency

💡 Feature suggestions & ideas
1

Like Interactive Brokers, can you look into implementing deposits and withdrawals for multicurrency to local banks of the country?

Some of us have bank accounts in multiple currencies, e.g. US, AU, Europe bank accounts. Ability to deposit/withdraw may make it easier and potentially save on FX.

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2

Our Invest account is multi-currency.

It is possible to deposit funds in any of the supported currencies :point_down:

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You can also withdraw funds in any currency. You can select one currency balance to withdraw from, and we will pay those funds in the selected currency. If the currency of your bank account is different from your withdrawal currency, your bank may charge you an FX fee.

HMRC regulations prohibit holding foreign currency in ISAs, Therefore, we cannot introduce the multi-currency feature in those accounts.

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3

Thank you @Bogi.H for the response.

Is it possible to use currency-local bank accounts for both deposits and withdraws?

I did not see an option in my app on how to using bank accounts.

4

Each currency has designated bank accounts from where deposits & withdrawals are processed.

Make sure you’re in your Invest account and follow the below steps to depositing and withdrawing in different currencies:

To Deposit in Different Currencies:

  1. Tap on the ‘Menu’.
  2. Select ‘Deposit Funds’.
  3. Click on the currencies field located next to the deposit amount.
  4. Choose the currency you want for the deposit.
  5. Enter the Amount.
  6. Follow the instructions based on your payment method and tap ‘Pay’.

To Withdraw in Different Currencies:

  1. Tap on the ‘Menu.’
  2. Select ‘Manage funds.’
  3. Then ‘Withdraw funds.’
  4. Confirm your password.
  5. Type the amount or use the slider.
  6. Select a payment method and confirm the withdrawal.
  • You can withdraw funds in any currency. Ensure that the bank account you intend to withdraw to is in the same currency as your withdrawal to avoid FX fees and delays.
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5

Thank you @Bogi.H

It seems that for USD T212 is using a London based bank rather than US based bank - which means it’ll not be a local ACH transfer, but an international wire.

I cannot see AUD currency yet.